Asian Homeownership in U.S. Declines

The 13 million Asians living in the U.S. have historically tended to earn more and have less debt than other minority groups. A recent census report, however, shows that Asians suffered a greater drop in homeownership last year than whites, blacks and Hispanics. The 2008 American Community Survey (ACS) of the U.S. Census found that the overall U.S. homeownership rate fell to the lowest in six years—66.6 percent. The rate of home ownership for Asians fell even lower to 59.4 percent. This is a reversal after the housing boom years when minorities in the U.S. took advantage of easy access to financing to purchase homes.

The Asian population is largely concentrated in west and east coast states and Illinois, with about one-third of Asians living in California. The sharp drop in their home ownership in 2008 may be due in part to California’s plummeting home values and skyrocketing foreclosure rates. The rate of home ownership may drop even more in 2009, according to the Population Reference Bureau.